Did your primary become rent controlled and if not what exempted it from rent control?  

While landlords are often exempt from these disclosures.

In most states there is protection in your primary home through the homestead exemption, your investment properties must be in a separate entity.  

After their $500K exemption, they still owed $6M.

Not only will you lose your property tax exemption, but you may need to secure LTR tenants.

Remember you are exempt from excise franchise tax if you file an exempt form.This post does not create a CPA-Client relationship.

So no you will not qualify for the 121 exemption. 

Good luck I had a call with a FINRA compliance consultant today and discussed the sponsor exemption.

Reach out to @Alyssa Holbrook as she has a property she is trying to do it on now.Thanks a lot @Jonathan GreeneI was reading the SLC docs and it seems that the restrictions for owner occupancy only applies to single family homes and duplexes are exempt.

But since it was being used for investment when you sold it you also qualify for a 1031 exchange.If you find that you still have any taxable gain leftover after the primary exemption, then you can indefinitely defer that tax and not have to recapture any depreciation in a 1031 exchange.